The Producer And The Consumer In The Marketplace

Producers could be involved in any sector like agriculture, industry, or services. They offer goods and services to the market.

Consumers participate in the market when they buy these goods and services for their use.

Need For Regulations

1.For Producers: Particularly those in the unorganised sector, there are often no safeguards against exploitation. They may be subject to low wages, poor working conditions, and may even be exploited by moneylenders.

2.For Consumers: Consumers often find themselves in a weak position when faced with issues like substandard products or unfair practices by the seller.

Exploitation In The Marketplace

1.Unfair Practices: These include weighing less than what is stated, hidden charges, or selling adulterated or defective goods.